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U.S. Securities and Exchange Commission

Office of the Chief Accountant:
Letter from SEC Chief Accountant to Deborah Lambert, Chair, Auditing Standards Board (ASB) re: Implementing the O'Malley Panel's recommendations.

September 19, 2000

Ms. Deborah Lambert
Auditing Standards Board
c/o Johnson Lambert & Co.
7500 Old Georgetown Rd., Suite 700
Bethesda, MD 20814-6133

Dear Ms. Lambert:

Both Chairman Levitt and I testified regarding the May 31, 2000 Exposure Draft issued by the Panel on Audit Effectiveness (the "Panel"). As you are aware, the Panel issued its final report and recommendations on August 31, 2000. Accordingly, we are requesting that the Auditing Standards Board provide us with its action plan and timetable for implementing each of the Panel's recommendations.

We would be pleased to meet with you to discuss your action plan. Please contact Eric Jacobsen or John Morrissey at (202) 942-4400 to set up a meeting.


Lynn E. Turner
Chief Accountant

Cc: Mr. Charles Bowsher, Chairman - Public Oversight Board
Mr. James Gerson, PricewaterhouseCoopers LLP


Modified: 07/31/2001